UK Money News
5th February 2008
£2 trillion of equity built up by homeowners
Britons are currently holding nearly £2 trillion worth of property equity, according to figures from GE Money Home Lending.
The figure of £1.96 trillion, which equates to £127,455 for each property, has been built up over the last ten years during which time the rate of house price inflation hit record levels.
The lion’s share of the total is held by people who own their home outright, who account for £1.377 of the total, while still repaying their loan have built up £582 billion.
Gerry Bell, head of mortgage marketing at GE, said the equity would act as a buffer against the ongoing slowdown of the property market.
He explained: "Whatever happens to the property market in the short-term, we have had a prolonged period of rising prices which have, importantly, helped many homeowners to build up equity and a reassuring cushion against any downturn.
"However, whilst consumers should take some reassurance from the equity that they currently hold in their homes, they also need to ensure that they are not complacent and continue to make prudent financial decisions."
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